Paraffin works. Beeswax is a little better, but not much. If you get the beeswax free, go for it. Don't pay much extra though. Parrafin is 25cents a box at yard sales. Old candles are basically free.
If you melt a little carnuba wax in, you have to use extra thinner. Trust me, that stuff is hard as a brick!
Ordinary boiled linseed oil from any hardware. The basic woodworkers friend since before the middle ages.
If you soak rags in the stuff? Drippy wet soaked?
Hang them up to dry outside. Do not leave in a pile or a bucket. They could catch fire.
Easiest insurance for this is to just quit wasting it! A little goes a long way, and rags are what you use to wipe at the end. Apply it with your fingers. Most will soak in.
Thinner is a personal choice.
Paint thinner used to be nearly free, but I was so blown away last time I went to get a couple gallons, its lost its favor!!
Turpentine is traditional. Its expensive too though.
Kerosene would work. Diesel.
You kind of pick your stench tolerance in a thinner, and go with that.
The linseed oil sinks in a bit and loosens crud on and just under the surface, leaving the real wood exposed.
The thinner breaks down crap off the metal and also thins the linseed so it can work better.
The wax holds it all in suspension so it stays put and has a chance to work longer.
Some slight traces of wax are left at the end, to fill the open pores in wood and metal both, so at least they don't fill back up with schmutz quite as quickly.
The recipe is old as the hills. My friend Tony Seo found it somewhere, and he is a Galoot (the original old tools mailing list discussion group).
So Galoot wax is the official name but I like Galoot Sauce or Dressing because it puts the pretty back, without harm.
This mix won't break up and remove crusty rust. But it doesn't hurt anything either.
yours Scott
